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Daily Debrief: What Happened Today
Analysts had earlier expected gross domestic product to expand 1.9 per cent - itself a step down from a previous estimate of 2.2 per cent.
Developers sold 1,056 private homes excluding executive condos in May 2016, up 41.2 per cent from 748 units in April this year and also higher than the 643 units they found buyers for in May last year.
Financial technology firm Mesitis Pte Ltd plans to launch a robo-advisory business for high net worth individuals in the next two months, its CEO said, capitalising on a growing trend by the rich to seek online investment advice at a lower cost.
According to the Department of Statistics, excluding motor vehicles, retail sales decreased by 3 per cent year on year.
CMA CGM SA (CMA CGM) and PSA Singapore Terminals Pte Ltd (PSA) will form a joint venture company, CMA CGM-PSA Lion Terminal Pte Ltd, to operate and use four mega container berths at Pasir Panjang Terminal Phases 3 and 4 in Singapore.
CapitaLand announced on Wednesday the setting up of a venture fund, C31 Ventures, to tap global tech startups as part of its ongoing effort to innovate and build real estate of the future. The Singapore-listed real estate group said it is prepared to eventually invest up to S$100 million as it seeks compelling investment opportunities beyond Singapore.
The STI Today
The Straits Times Index drifted within a narrow band, spending most of Wednesday in the red and headed for a fifth consecutive fall before a firm opening in Europe helped it rebound to a net gain of 5.92 points at 2,774.25. Turnover, however, was a weak 1.08 billion units worth S$772 million and the broad market excluding warrants recorded 170 rises versus 193 falls, suggesting the index owed its bounce more to short-covering after four days of falls than any genuine buying.